59 LAMPIRAN
Lampiran 1: Hasil Kepemilikan Manajerial Tahun 2015
No Kode Perusahaan
Good Corporate Governance (GCG)
Kepemilikan Manajerial (Jmlh saham manajemen / Jmlh saham beredar * 100%)
Jmlh Saham Manajemen Jmlh Saham Beredar * 100 % Kep.
Manajerial
1 ANTM 101.306.600 2.403.076.472.500 100 0,04
2 ARTI 1.054.240.688 7.840.000.000 100 0,1345
3 BUMI 25.849.534.725 36.627.020.427 100 0,7057
4 CTTH 80.950.200 1.230.839.821 100 0,0657
5 DEWA 13.268.338.402 21.853.733.792 100 0,6071
6 ELSA 2.311.325.000 7.298.500.000 100 0,3166
7 HRUM 3.750.000 2.671.003.100 100 0,001
8 INCO 2.036.346.880 9.936.338.720 100 0,2049
9 ITMG 17.300.000 1.129.925.000 100 0,001
10 KKGI 3.275.000 1.000.000.000 100 0,032
11 PTBA 13.000.000 2.108.075.150 100 0,006
12 RUIS 212.018.800 770.000.000 100 0,2753
13 SMMT 656.432.797 3.150.000.000 100 0,2083
Lampiran 2: Hasil Kepemilikan Manajerial Tahun 2016
No Kode Perusahaan
Good Corporate Governance (GCG)
Kepemilikan Manajerial (Jmlh saham manajemen / Jmlh saham beredar * 100%)
Jmlh Saham Manajemen Jmlh Saham Beredar * 100 % Kep.
Manajerial
1 ANTM 101.306.600 2.403.076.472.500 100 0,04
2 ARTI 2.710.491.364 7.840.000.000 100 0,3457
3 BUMI 24.585.320.790 36.627.020.427 100 0,6712
4 CTTH 80.754.700 1.230.839.821 100 0,0948
5 DEWA 13.968.338.402 21.853.733.792 100 0,6391
6 ELSA 3.211.092.500 7.298.500.000 100 0,4399
7 HRUM 3.800.000 2.640.491.700 100 0,001
8 INCO 2.036.346.880 9.936.338.720 100 0,2049
9 ITMG 17.300.000 1.129.925.000 100 0,001
10 KKGI 3.306.800 1.000.000.000 100 0,0034
11 PTBA 5.600.000 2.108.075.150 100 0,002
12 RUIS 254.705.500 770.000.000 100 0,3307
13 SMMT 845.929.797 3.150.000.000 100 0,2685
60
Lampiran 3: Hasil Kepemilikan Manajerial Tahun 2017
No Kode Perusahaan
Good Corporate Governance (GCG)
Kepemilikan Manajerial (Jmlh saham manajemen / Jmlh saham beredar * 100%)
Jmlh Saham Manajemen Jmlh Saham Beredar * 100 % Kep.
Manajerial
1 ANTM 17.228.500 2.403.076.472.500 100 0,007
2 ARTI 4.333.223.163 7.840.000.000 100 0,5527
3 BUMI 48.227.536.686 65.375.556.624 100 0,7376
4 CTTH 80.945.200 1.230.839.821 100 0,0657
5 DEWA 15.275.338.402 21.853.733.792 100 0,6981
6 ELSA 3.211.092.500 7.298.500.000 100 0,4399
7 HRUM 3.000.000 2.573.765.300 100 0,001
8 INCO 2.036.346.880 9.936.338.720 100 0,2049
9 ITMG 1.023.380 1.129.925.000 100 0,009
10 KKGI 3.306.800 1.000.000.000 100 0,034
11 PTBA 19.800.000 10.540.375.745 100 0,001
12 RUIS 212.018.800 770.000.000 100 0,2753
13 SMMT 463.804.155 3.150.000.000 100 0,1472
Lampiran 4: Hasil Kepemilikan Institusional Tahun 2015
No Kode Perusahaan
Good Corporate Governance
Kepemilikan Institusional (Jmlh Saham Instusi / Jmlh Saham beredar * 100%)
Jmlh Saham Instusi Jmlh Saham Beredar * 100 % Kep.
Institusional 1 ANTM 1.561.999.999.900 2.403.076.472.500 100 0,6500
2 ARTI 6.785.759.312 7.840.000.000 100 0,8655
3 BUMI 10.777.485.702 36.627.020.427 100 0,2942
4 CTTH 642.704.152 1.230.839.821 100 0,5221
5 DEWA 8.585.395.390 21.853.733.792 100 0,3928
6 ELSA 4.987.175.000 7.298.500.000 100 0,6833
7 HRUM 1.923.222.600 2.671.003.100 100 0,7200
8 INCO 7.899.991.840 9.936.338.720 100 0,7950
9 ITMG 793.069.556 1.129.925.000 100 0,7018
10 KKGI 648.903.500 1.000.000.000 100 0,6489
11 PTBA 1.498.087.500 2.108.075.150 100 0,7106
12 RUIS 307.400.800 770.000.000 100 0,3992
13 SMMT 2.493.567.203 3.150.000.000 100 0,7916
61
Lampiran 5: Hasil Kepemilikan Institusional Tahun 2016
No Kode Perusahaan
Good Corporate Governance
Kepemilikan Institusional (Jmlh Saham Instusi / Jmlh Saham beredar * 100%)
Jmlh Saham Instusi Jmlh Saham Beredar * 100 % Kep.
Institusional
1 ANTM 1.562.000.000 2.403.076.472.500 100 0,6500
2 ARTI 5.129.508.636 7.840.000.000 100 0,6542
3 BUMI 12.041.699.637 36.627.020.427 100 0,3287
4 CTTH 638.867.152 1.230.839.821 100 0,5191
5 DEWA 7.885.395.390 21.853.733.792 100 0,3608
6 ELSA 4.087.407.500 7.298.500.000 100 0,5600
7 HRUM 1.992.488.700 2.640.491.700 100 0,7545
8 INCO 7.899.991.840 9.936.338.720 100 0,7950
9 ITMG 736.171.000 1.129.925.000 100 0,6517
10 KKGI 648.883.500 1.000.000.000 100 0,6488
11 PTBA 1.498.087.500 2.108.075.150 100 0,0707
12 RUIS 215.400.800 770.000.000 100 0,2797
13 SMMT 2.304.070.203 3.150.000.000 100 0,7314
Lampiran 6: Hasil Kepemilikan Institusional Tahun 2017
No Kode Perusahaan
Good Corporate Governance
Kepemilikan Institusional (Jmlh Saham Instusi / Jmlh Saham beredar * 100%)
Jmlh Saham Instusi Jmlh Saham Beredar * 100 % Kep.
Institusional
1 ANTM 1.562.000.000 2.403.076.472.500 100 0,6500
2 ARTI 3.506.766.837 7.840.000.000 100 0,4472
3 BUMI 17.119.019.938 65.376.556.624 100 0,2623
4 CTTH 704.587.652 1.230.839.821 100 0,5724
5 DEWA 6.596.395.390 21.853.733.792 100 0,3018
6 ELSA 4.087.407.500 7.298.500.000 100 0,5600
7 HRUM 2.004.594.700 2.573.765.300 100 0,7788
8 INCO 7.899.991.840 9.936.338.720 100 0,7950
9 ITMG 736.071.000 1.129.925.000 100 0,6514
10 KKGI 648.883.500 1.000.000.000 100 0,6488
11 PTBA 7.490.437.500 10.540.375.745 100 0,7106
12 RUIS 248.095.500 770.000.000 100 0,3223
13 SMMT 2.686.195.845 3.150.000.000 100 0,8527
62
Lampiran 7: Hasil Return On Equity Tahun 2015
No Kode Perusahaan
Profitabilitas
Return on Equity (Laba Bersih / Ekuitas Pemegang Saham *100%) Laba (Rugi) Bersih stlh
Pajak Ekuitas *100 ROE
1 ANTM (1.400.000.000.000) 18.316.718.962.000 100 -9,486
2 ARTI 13.303.077.238 1.686.021.077.511 100 1,055
3 BUMI (26.600.000.000.000) (40.100.000.000.000) 100 75,231
4 CTTH 1.949.752.745 288.987.797.127 100 0,675
5 DEWA 6.600.000.000 3.100.000.000.000 100 0,213
6 ELSA 375.431.000.000 2.582.996.000.000 100 14,535
7 HRUM (265.500.000.000) 4.700.000.000.000 100 -5,649
8 INCO 696.700.000.000 25.300.000.000.000 100 2,754
9 ITMG 870.600.000.000 11.500.000.000.000 100 7,570
10 KKGI 78.900.000.000 1.100.000.000.000 100 7,455
11 PTBA 2.037.111.000.000 9.287.547.000.000 100 22,189
12 RUIS 41.318.346.121 338.413.465.428 100 12,209
13 SMMT (50.215.012.786) 399.111.322.996 100 -12,566
Lampiran 8: Hasil Return On Equitytahun 2016
No Kode Perusahaan
Profitabilitas
Return on Equity (Laba Bersih / Ekuitas Pemegang Saham *100%) Laba (Rugi) Bersih stlh
Pajak Ekuitas *100 ROE
1 ANTM 64.800.000.000 18.362.757.267.500 100 0,353
2 ARTI 4.429.123.965 1.731.148.904.614 100 0,189
3 BUMI 909.255.710.000 (37.400.000.000.000) 100 -4,322
4 CTTH 20.881.438.764 314.984.751.984 100 6,629
5 DEWA 7.000.000.000 3.000.000.000.000 100 0,233
6 ELSA 310.898.000.000 2.877.743.000.000 100 10,804
7 HRUM 179.400.000.000 4.800.000.000.000 100 3,738
8 INCO 25.600.000.000 24.600.000.000.000 100 0,104
9 ITMG 1.800.000.000.000 12.200.000.000.000 100 14,402 10 KKGI 129.800.000.000 1.100.000.000.000 100 11,441 11 PTBA 2.024.405.000.000 10.552.405.000.000 100 19,251
12 RUIS 26.080.647.122 359.719.063.530 100 7,250
13 SMMT (16.418.671.433) 381.192.651.563 100 -4,307
63
Lampiran 9: Hasil Return On Equity Tahun 2017
No Kode Perusahaan
Profitabilitas
Return on Equity (Laba Bersih / Ekuitas Pemegang Saham *100%) Laba (Rugi) Bersih stlh
Pajak Ekuitas *100 ROE
1 ANTM 136.510.000.000 18.490.400.000.000 100 0,738
2 ARTI 28.883.000.000 1.760.159.000.000 100 1,641
3 BUMI 3.249.157.659.455 3.832.808.161.770 100 84,772
4 CTTH 4.717.000.000 321.412.000.000 100 1,468
5 DEWA 32.313.143.435 3.045.790.667.590 100 1,212
6 ELSA 247.140.000.000 3.051.920.000.000 100 8,098
7 HRUM 606.054.127.925 5.298.595.763.970 100 11,438
8 INCO (203.746.470.000) 24.352.227.295.000 100 -0,837 9 ITMG 3.381.158.080.000 12.824.690.515.000 100 26,364 10 KKGI 182.537.415.485 1.186.177.348.115 100 15,389 11 PTBA 4.547.232.000.000 13.608.095.000.000 100 32,902
12 RUIS 29.731.000.000 261.898.000.000 100 5,503
13 SMMT 31.059.000.000 419.360.000.000 100 7,406
Lampiran 10: Hasil Debt To Equity Ratiotahun 2015
No Kode Perusahaan
Leverage
Debt to Equity Ratio (Total Liabilitas / Ekuitas Pemegang Saham *100%) Tot Liabilitas Ekuitas Pemegang Saham * 100 % DER
1 ANTM 12.040.131.928 18.316.696.905 100 65,733
2 ARTI 763.271.737.857 1.622.475.634.892 100 45,262
3 BUMI 84.314.631.232.765 37.253.497.597.890 100 216,851
4 CTTH 316.679.237.740 459.083.982.100 100 109,576
5 DEWA 2.030.593.559.600 5.109.756.568.400 100 65,948 6 ELSA 1.772.327.000.000 2.600.881.000.000 100 67,262
7 HRUM 509.973.485.400 3.727.089.616.900 100 10,842
8 INCO 6.236.294.800.000 25.125.210.900.000 100 24,821 9 ITMG 4.710.142.200.000 11.433.430.900.000 100 41,196
10 KKGI 298.391.617.000 999.276.013.500 100 28,372
11 PTBA 7.606.496.000.000 9.174.696.000.000 100 82,907
12 RUIS 753.340.426.009 338.406.697.102 100 222,614
13 SMMT 313.673.790.462 377.135.128.017 100 78,586
64
Lampiran 11: Hasil Debt To Equity Ratio Tahun 2016
No Kode Perusahaan
Leverage
Debt to Equity Ratio (Total Liabilitas / Ekuitas Pemegang Saham *100%) Tot Liabilitas Ekuitas Pemegang Saham * 100 % DER
1 ANTM 11.572.740.239 18.408.774.653 100 62,865
2 ARTI 885.646.642.382 1.662.719.294.119 100 51,158
3 BUMI 78.337.889.922.649 (36.136.894.198.545) 100 -211,402
4 CTTH 301.007.248.281 459.083.982.100 100 95,568
5 DEWA 2.179.129.988.250 3.138.992.325.450 100 69,421 6 ELSA 1.313.213.000.000 2.839.451.000.000 100 45,631
7 HRUM 770.948.124.324 3.753.902.078.521 100 16,301
8 INCO 5.201.746.221.000 24.412.875.823.000 100 21,307 9 ITMG 4.023.531.134.000 12.075.171.010.000 100 33,321 10 KKGI 190.277.378.508 1.091.212.616.914 100 16,941 11 PTBA 8.024.369.000.000 10.421.337.000.000 100 76,044
12 RUIS 619.413.387.232 359.719.063.530 100 172,194
13 SMMT 255.549.688.996 361.003.779.404 100 67,042
Lampiran 12: Hasil Debt To Equity Ratio Tahun 2017
No Kode Perusahaan
Leverage
Debt to Equity Ratio (Total Liabilitas / Ekuitas Pemegang Saham *100%) Tot Liabilitas Ekuitas Pemegang
Saham * 100 % DER
1 ANTM 15.523.870.000.000 18.490.400.000.000 100 83,956
2 ARTI 745.890.000.000 1.760.159.000.000 100 42,376
3 BUMI 4.564.482.592.047 3.832.808.161.770 100 119,090
4 CTTH 378.839.000.000 321.412.000.000 100 117,867
5 DEWA 2.213.815.961.280 3.045.790.667.590 100 76,562 6 ELSA 1.803.449.000.000 3.051.920.000.000 100 59,092
7 HRUM 851.049.741.365 5.298.595.763.970 100 16,062
8 INCO 4.888.094.920.000 24.352.227.295.000 100 20,072 9 ITMG 5.361.013.740.000 12.824.690.515.000 100 41,802 10 KKGI 219.965.061.115 1.186.177.348.115 100 18,544 11 PTBA 4.513.226.000.000 13.608.095.000.000 100 59,332 12 RUIS 1.016.044.000.000 261.898.000.000 100 152,262
13 SMMT 306.304.000.000 419.360.000.000 100 73,041
65 Lampiran 13: Hasiltobin’s Q Tahun 2015
No
Kode Perusaha
an
Nilai Perusahaan ((CP x JS) + T.Hutang)/T.Aset Closing
Price Jumlah saham Total Hutang Total aktiva
Nilai Perusaha
an 1 ANTM 314 24.030.765.000 12.040.130.000.000 30.356.850.000.000 0,645 2 ARTI 170 1.600.000.000 832.600.000.000 1.800.000.000.000 0,614 3 BUMI 50 36.600.000.000 86.900.000.000.000 46.800.000.000.000 1,896 4 CTTH 56 1.230.839.821 316.667.000.000 605.667.000.000 0,637 5 DEWA 50 21.853.733.792 2.000.000.000.000 5.100.000.000.000 0,606 6 ELSA 247 7.298.500.000 1.772.327.000.000 4.407.513.000.000 0,811 7 HRUM 675 2.703.620.000 600.000.000.000 5.300.000.000.000 0,458 8 INCO 1635 9.900.000.000 9.400.000.000.000 31.600.000.000.000 0,810 9 ITMG 5725 1.129.925.000 4.710.810.780.000 16.210.810.780.000 0,690 10 KKGI 420 1.000.000.000 300.000.000.000 1.400.000.000.000 0,514 11 PTBA 4525 2.304.131.850 7.606.196.000.000 16.894.043.000.000 1,067 12 RUIS 215 770.000.000 753.340.000.000 1.091.754.000.000 0,842 13 SMMT 171 3.200.000.000 3.136.740.000.000 7.127.850.000.000 0,517
Lampiran 14: Hasil Tobin’s Q Tahun 2016
No
Kode Perusah
aan
Nilai Perusahaan ((CP x JS) + T.Hutang)/T.Aset Closing
Price Jumlah saham Total Hutang Total aktiva
Nilai Perusaha
an 1 ANTM 895 24.030.765.000 11.572.740.000.000 29.981.540.000.000 1,103 2 ARTI 50 7.840.000.000 1.449.396.000.000 2.416.796.000.000 0,762 3 BUMI 278 36.600.000.000 79.100.000.000.000 41.700.000.000.000 2,141 4 CTTH 80 1.230.839.821 300.962.000.000 615.962.000.000 0,648 5 DEWA 50 21.853.733.792 2.100.000.000.000 5.100.000.000.000 0,626 6 ELSA 420 7.298.500.000 1.313.213.000.000 4.190.956.000.000 1,045 7 HRUM 2140 2.703.620.000 800.000.000.000 5.600.000.000.000 1,176 8 INCO 2820 9.900.000.000 5.300.000.000.000 29.900.000.000.000 1,111 9 ITMG 16875 1.107.991.000 4.010.810.780.000 16.210.810.780.000 1,401 10 KKGI 1500 1.000.000.000 200.000.000.000 1.300.000.000.000 1,308 11 PTBA 12500 2.304.131.850 8.024.369.000.000 18.576.774.000.000 1,982 12 RUIS 236 770.000.000 619.413.000.000 979.132.000.000 0,818 13 SMMT 149 3.200.000.000 2.555.490.000.000 6.367.420.000.000 0,476
66 Lampiran 15: Hasiltobin’s Q Tahun 2017
No
Kode Perusah
aan
Nilai Perusahaan ((CP x JS) + T.Hutang)/T.Aset Closing
Price Jumlah saham Total Hutang Total aktiva
Nilai Perusaha
an 1 ANTM 625 24.030.795.000 15.523.870.000.000 30.014.270.000.000 1,018 2 ARTI 50 78.400.000.000 745.890.000.000 25.060.500.000.000 0,186 3 BUMI 270 65.400.000.000 45.644.825.920.470 49.477.634.082.240 1,279 4 CTTH 99 1.231.000.000 378.839.000.000 700.252.000.000 0,715 5 DEWA 50 21.853.733.792 2.213.815.961.280 5.104.870.905.750 0,648 6 ELSA 372 7.300.000.000 1.803.449.000.000 4.855.369.000.000 0,931 7 HRUM 2050 2.700.000.000 851.049.741.365 6.149.645.505.335 1,038 8 INCO 2890 9.900.000.000 4.888.094.920.000 29.240.322.215.000 1,146 9 ITMG 20700 1.129.925.000 5.361.013.740.000 18.185.704.255.000 1,581 10 KKGI 324 1.000.000.000 219.965.061.115 1.406.142.409.230 0,387 11 PTBA 2460 11.500.000.000 4.513.226.000.000 21.987.482.000.000 1,492 12 RUIS 232 770.000.000 1.016.044.000.000 1.277.942.000.000 0,935 13 SMMT 133 3.200.000.000 306.304.000.000 725.664.000.000 1,009
Lampiran 16: Good Corporate Governance perusahaan sampel Periode 2015-2017
Nomor Kode perusahaan
Good Corporate Governance
Kep Manajerial (%) Kep Institusional (%) 2015 2016 2017 2015 2016 2017 1 ANTM 0,0004 0,0004 0,0007 0,6500 0,6500 0,6500 2 ARTI 0,1345 0,3457 0,5527 0,8655 0,6542 0,4472 3 BUMI 0,7057 0,6712 0,7376 0,2942 0,3287 0,2623 4 CTTH 0,0657 0,0948 0,0657 0,5221 0,5191 0,5724 5 DEWA 0,6071 0,6391 0,6981 0,3928 0,3608 0,3018 6 ELSA 0,3166 0,4399 0,4399 0,6833 0,5600 0,5600 7 HRUM 0,0001 0,0001 0,0001 0,7200 0,7545 0,7788 8 INCO 0,2049 0,2049 0,2049 0,7950 0,7950 0,7950 9 ITMG 0,0001 0,0001 0,0009 0,7018 0,6517 0,6514 10 KKGI 0,0032 0,0034 0,0034 0,6489 0,6488 0,6488 11 PTBA 0,0006 0,0002 0,0001 0,7106 0,0707 0,7106 12 RUIS 0,2753 0,3307 0,2753 0,3992 0,2797 0,3223 13 SMMT 0,2083 0,2685 0,1472 0,7916 0,7314 0,8527
67
Lampiran 17: Profitabilitas perusahaan sampel Periode 2015-2017
Nomor Kode perusahaan
Profitabilitas Return On Equity (%)
2015 2016 2017
1 ANTM (9,49) 0,35 0,74
2 ARTI 1,06 0,19 1,64
3 BUMI 75,23 (4,32) 84,77
4 CTTH 0,67 6,63 1,47
5 DEWA 0,21 0,23 1,21
6 ELSA 14,24 10,80 8,10
7 HRUM (5,60) 3,76 11,44
8 INCO 2,75 0,10 (0,84)
9 ITMG 7,56 14,40 26,36
10 KKGI 7,45 11,44 15,39
11 PTBA 22,19 19,25 32,90
12 RUIS 12,20 7,25 5,50
13 SMMT (12,57) (4,31) 7,41
Lampiran 18:
Leverage perusahaan sampel Periode 2015-2017Nomor Kode
Perusahaan
Leverage Debt to Equity Ratio (%)
2015 2016 2017
1 ANTM 65,73 62,87 83,96
2 ARTI 45,27 51,16 42,38
3 BUMI 216,85 (211,40) 1190,90
4 CTTH 109,58 95,57 117,87
5 DEWA 65,95 69,39 76,57
6 ELSA 67,26 45,63 59,09
7 HRUM 10,84 16,30 16,06
8 INCO 24,82 21,31 20,07
9 ITMG 41,20 33,32 41,80
10 KKGI 28,37 16,94 18,54
11 PTBA 81,90 76,04 59,33
12 RUIS 222,61 172,19 152,27
13 SMMT 78,59 67,04 73,04
68
Lampiran 19: Nilai perusahaan sampel Periode 2015-2017.
Nomor Kode Perusahaan
Nilai Perusahaan Tobin’s Q (decimal)
2015 2016 2017
1 ANTM 0,65 1,10 1,02
2 ARTI 0,61 0,76 0,19
3 BUMI 1,90 2,14 1,28
4 CTTH 0,64 0,65 0,72
5 DEWA 0,61 0,63 0,65
6 ELSA 0,81 1,04 0,93
7 HRUM 0,46 1,18 1,04
8 INCO 0,81 1,11 1,15
9 ITMG 0,69 1,40 1,58
10 KKGI 0,51 1,31 0,39
11 PTBA 1,07 1,98 1,49
12 RUIS 0,84 0,82 0,93
13 SMMT 0,52 0,48 1,01
Lampiran 20: Uji Statistik Deskriptif
Descriptive Stati stics
39 .0001 .7376 .3260 .2818
39 .0707 .8655 .6161 .1837
39 -12.57 84.77 9.6862 18.9935
39 -211.40 290.90 54.5244 85.4024
39 .19 2.14 1.0049 .5116
39 Kep Manajerial
Kep Institusional ROE
DER Tobin's Q Valid N (listwise)
N Minimum Maximum Mean Std. Dev iation
69 Lampiran 21: Uji Normalitas
Lampiran 22: Uji Multikolonieritas
Coeffi ci entsa
.949 1.054
.963 1.038
.994 1.006
.914 1.094
Kep Manajerial Kep I nst it usional ROE
DER Model 1
Tolerance VI F Collinearity Statistics
Dependent Variable: Tobin's Q a.
70 Lampiran 23: Uji Autokorelasi
Lampiran 24: Uji Heterokedastisitas
Model Summaryb
1.975a Model
1
Durbin-W atson
Predictors: (Constant), DER, ROE, Kep Institusional, Kep Manajerial a.
Dependent Variable: Tobin's Q b.
Scatterplot
Dependent Variable: Tobin's Q
Regression Standardized Predicted Value
2 1
0 -1
-2 -3
-4
Regression Studentized Residual
3
2
1
0
-1
-2
71 Lampiran 25: Regresi Linear Berganda
Coeffi ci entsa
.160 .256 .626 .535
.542 .253 .299 2.144 .039
.773 .346 .278 2.232 .032
.009 .004 .318 2.076 .046
.002 .001 .332 2.478 .018
(Constant) Kep Manajerial Kep I nst it usional ROE
DER Model 1
B St d. Error Unstandardized
Coef f icients
Beta St andardized Coef f icients
t Sig.
Dependent Variable: Tobin's Q a.
Coeffi ci entsa
.160 .256 .626 .535
.542 .253 .299 2.144 .039
.773 .346 .278 2.232 .032
.009 .004 .318 2.076 .046
.002 .001 .332 2.478 .018
(Constant) Kep Manajerial Kep I nst it usional ROE
DER Model 1
B St d. Error Unstandardized
Coef f icients
Beta St andardized Coef f icients
t Sig.
Dependent Variable: Tobin's Q a.
ANOVAb
5.915 4 1.479 12.468 .000a
4.032 34 .119
9.947 38
Regression Residual Total Model 1
Sum of
Squares df Mean Square F Sig.
Predictors: (Constant), DER, Kep Institusional, Kep Manajerial, ROE a.
Dependent Variable: Tobin's Q b.
